[Edaily Reporter Shin Ha-yeon ] Doosan Fuel Cell(336260)continues to see its stock price rise as the securities market reevaluates its large-scale fuel cell order for U.S. artificial intelligence (AI) data centers.

According to MP Doctor on the 9th, as of 9:30 a.m. today, Doosan Fuel Cell is trading at 55,300 won, up 12.28% from the previous trading day. The stock has risen by more than 24% this month alone. During today’s trading session, it rose as high as 55,900 won.

On the 2nd, Doosan Fuel Cell announced that it had signed a 501.4 billion won contract with its U.S. subsidiary, HyAxiom, to supply phosphoric acid fuel cell (PAFC) systems. The products will be manufactured at the Iksan plant and delivered to HyAxiom, after which they are scheduled to be supplied to AI data centers in the United States.

Following this order, expectations are growing that fuel cells can be utilized as the primary power source or as an on-site power generation alternative in the U.S. data center market, leading securities firms to raise their target prices for the stock.

On the same day, SKSecurities also raised its target price by 76.2% from 42,000 won to 74,000 won and maintained its “Buy” investment rating.

Na Min-sik, an analyst at SKSecurities, stated, “Fuel cells are not victims of AI regulations but rather the solution,” adding, “They offer strengths in terms of rapid power connection and community acceptance.” He further explained, “While gas turbines are the top choice for on-site power generation, with lead times exceeding four years, they are no longer a viable option that can be waited out.”

Revenue for Doosan Fuel Cell is projected to reach 505 billion won in 2026, 861 billion won in 2027, and 1.029 trillion won in 2028. Operating profit is expected to turn positive, moving from a 71 billion won loss in 2026 to a 45 billion won profit in 2027 and a 76 billion won profit in 2028.

Analyst Na noted, “The suspension of construction permits for AI data centers in the U.S. is weighing on the stock price,” but added, “The headline risk surrounding permits is expected to gradually subside after the U.S. midterm elections on November 3.”

Previously, on the 7th, NH INVESTMENT & SECURITIES upgraded its investment rating for Doosan Fuel Cell from “Hold” to “Buy” and raised its target price from 34,000 won to 58,000 won.